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Energy Storage Stocks to Buy in India

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Energy storage has emerged as an exponential growth industry due to a rise in the renewable energy and electric vehicle industry in India. Energy storage is a device that can capture and store energy to be released at a later time. While batteries like lithium and lead acid are more common, there are other forms of energy storage like Pumped Hydro storage, Compressed Air storage, etc. besides other electromechanical forms like sodium, etc.

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Energy storage has a huge potential in EVs where a major part of the cost is due to batteries like lithium-ion and nickel. Unlike petrol cars which run through petrol combustion in engines, EVs have batteries that are powered by electricity and run through electric motors. India wants to promote domestic battery manufacturing which is currently dominated by China and Korea. The country launched its PLI Scheme last year which was won by Reliance, Ola, and Rajesh Exports.

Besides EVs, energy storage also has huge applications to manage renewable energy. Solar generates power during the day but you need batteries to store excess energy and release it when needed. There is going to be almost 100x growth in stationary energy storage in the next 10 years to balance India’s power system.

Here are the top players in this industry classified into manufacturing, system integrators, and developers:

i) Manufacturers are Reliance, Amara Raja, and Exide. Besides others are waiting in the wings – some startups also. Adani Group plans to set up large manufacturing capacities as well.

ii) System integrators and developers include Renew, Tata Power, NTPC, Adani, and JSW Energy.

Greenko is the largest Pumped Hydro company in India but is currently not listed.

Energy Storage is still a nascent industry in India but will grow hugely. Investors should be ready to find multi-baggers in this space.


Sneha Shah

I am Sneha, the Editor-in-chief for the Blog. We would be glad to receive suggestions, inputs & comments on GWI from you guys to keep it going! You can contact me for consultancy/trade inquires by writing an email to

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